7 Responses to Bitcoin Explained

Great advice Neil,
Korean and Japanese house wife’s are driving this crazy demand – why? Coz their culture limits them to be financially free.
Use only your beer money, either way it probably gonna go down the toilet.
Blockchain is an amazing technology but its not a valid currency. eg: Great for tracking individual tuna-fish from sea to store.
Its also very environment “unfriendly” as it uses more power than Ireland! So its also killing the planet.
And “crypo-mining” is now happening as viruses hijack your phone, computer and website to steal CPU time and your data allowance to process the currency – so it also supports ‘theft’…..
Just a bad idea unless you are a drug dealer and cant launder the money legally.
To use n buy this is stuff is folly.

Neil, you seem like a nice guy but seriously mate stick to Ebay. In response to some of the points you make about crypto currencies. Yes these markets are volatile, but how does volatility not make something an investment? Have you checked the price chart of BHP for example over any time period? And its not a long term investment? WTF, $1,000 invested in bitcoin in 2013 would now be worth over $1.5m dollars! And who’s to say that it wont be worth a lot more in 10 years time?
Also, its not just crypto trading where you only make your profit or loss when you sell, that’s the case for any financial instrument, including property. And 50% of the people think that something will go up and 50% think that something will go down? What a load of tripe! This may be the case for futures trading which is a zero some game, but for most other markets sentiment is never always a 50/50 ratio.
Cryptos could turn out to be nothing but a another tulip mania or be part of the next great tech revolution. I’m still not sure, but i think it’s worth a small punt.
What annoys me is negative comments from people who either fear or don’t understand cryptos, or have a vested interest in seeing them fail.

I would agree with some of what you’ve discussed however after trading crypto currency’s for only 5 months I’ve bin more successful and found it less stressful then importing and selling on ebay ect. You are one of the honest and helpful ppl to look upto and learn from in your industry, many others are only in it for themselves. Everyone is taking thier piece even when you buy from china but the time the consumers recieve your item you’ve payed china paypal ebay australia post and then you sell it cheap but others seem to have it for sale cheaper. Guess you need buying power. Crypto trading i got to start with a few hundred dollars it’s increased %2000. Yes trading alt coins you will lose money at first, you need to so you can learn how not to. Once you learn to read candle charts using even basic ta and listen out for news n patnerships it becomes easier. You can day trade which is more how you’ve discribed trading or swing trade and even hold if you respect the project and have done the research ie white papers ect. Most of all don’t blindly listen to anyone lol youtubers included when the tell you which coin to invest in. Do your own research. And as far as bitcoin it’s just gone through a correction as it does every year it should start it’s rise up again in the next few weeks.

hi Neil, glad you made this vid regardless that it has nothing to do with ebay sales etc.. you may have saved many peeps from falling into this bitcoin scam and losing the lot. Theyd be better off putting it all on red (or at least equally at risk anyway) .. i’m sharing because ive heard a few of my friends of late discussing the bitcoin thing and to be quite honest its just plain scary. thanks again, Tracie

Not really so – there’s a lot of FUD propogated everywhere atm. Bitcoin and other cryptocurrencies should be looked at as essentially stocks, in which you have to evaluate whether the technology behind the coin in question is a long-term winner, a Buffett-like strategy. This is essentially, evaluate, buy and hold.

Crypto currencies so far haven’t really been for day traders. As you say, they’re too volatile, especially if you trade crypto CFDs.